Advise Wise launches new product comparison feature for Consumer Duty

Later life platform, Advise Wise, has introduced a new feature for its members.

The tool enables the comparison of lifetime mortgages with retirement interest-only or buy-to-let plans based on different criteria such as interest rate, net loan, drawdown, price per pound, fees, product features, ERC notes, and total amount owed.

The new addition complements the product search and allows advisers to easily see different products side by side and also download a comparison PDF, providing them with a tool for presenting and comparing product offerings to their client to fulfil the needs of the FCA's upcoming Consumer Duty.

The PDF can be saved in the client’s case documents section for future reference and allows advisers to share the comparison of product options side-by-side with their clients via email or as a printed copy.

Jonathan Thirkill, CEO at Advise Wise, said: “With the FCA’s new Consumer Duty coming into force from July, we want to help advisers and give them the tools to comply with the upcoming rules and guidance. So we’ve listened to our members’ feedback to understand how we could improve the platform further and as a result of this we’ve introduced the product comparison with the option to download the comparison PDF, which we believe will be a ground breaking tool for advisers.

“With this new feature we’re providing advisers with an easy way to present product information to their clients, in a clear and concise manner. This will help our members save time, improve their client relationships and ultimately, grow their businesses.”